The Australian Institute of Superannuation Trustees (AIST) is pleased with the Federal Government's move to increase the use of e-commerce in tax and superannuation.
The move will include the launch of Single Touch Payroll in July 2016, along with combining the tax file number declaration form and Super Choice form into one and offering an online lodgement service.
Executive manager, policy and research David Haynes said the AIST has long been pushing for the Australian Taxation Office to combine the new employee registration process.
"Simplifying this process may lead to more people making active decisions to choose their own fund which could decrease the number of unnecessarily duplicated accounts," he said.
The ATO and Treasury will be consulting with the community on the changes, including exploring whether employers should send the superannuation guarantee at the same time as salaries to employees.
Haynes said while the AIST backs upping the SG payment frequency to align with take-home pay, super funds should still have a direct relationship with the employers sending contributions to them.
"If SG payments were to go through an additional body such as the ATO the process could get unnecessarily complicated," Haynes said.
Vanguard Super has reported strong returns across most of its investment options, attributed to a “low-cost, index-based approach”.
The fund has achieved double-digit returns amid market volatility, reinforcing the value of long-term investment strategies for its members.
Australian super funds notched a third consecutive year of strong returns, with the median balanced option delivering an estimated 10.1 per cent over the 2024-25 financial year, but an economist has warned that the rally may be harder to sustain as key risks gather pace.
AustralianSuper has reported a 9.52 per cent return for its Balanced super option for the 2024–25 financial year, as markets delivered another year of strong performance despite the complex investing environment.